Inaugural Wealth Report survey offers insight on the wealthy,
their passions, and protecting what matters
LONDON, April 25, 2024 /PRNewswire/ -- Extreme
weather, the competitiveness of the U.K. economy, and challenges to
building and preserving wealth: these are among the top concerns of
the U.K.'s highest earners. Yet many of the most damaging
threats on the minds of the wealthy are much closer to home. More
than seven in 10 (71%) said that damage during renovations was the
greatest risk to their homes, while half are worried about exposure
to extreme weather due to climate change.
These are some of the key findings of the inaugural Wealth
Report from Chubb, which gauges perceptions of affluent people
about their passions, mindset about wealth, and the risks they face
in protecting what matters most to them.
Stephen Vaughan, Chubb's Head
of Personal Risk Services in Europe, said: "In places where there is
less available space, such as London and the home counties, more people are
building subterranean living spaces, sometimes going down three or
four stories. Such renovations entail significant changes to the
floor plan and often increases the risk of flooding. The Wealth
Report provides an insightful lens into the concerns and pressures
the affluent are facing in the U.K. It shows a shift in how they
value and invest their wealth, who they seek advice from to protect
it, and what keeps them up at night."
Theft is a primary concern. Nearly nine in 10 respondents
(86%) said that theft is the primary worry when it comes to their
collections, with many believing social media exposure is making
them more of a target for thieves. "Watch thefts have risen
dramatically," said Vaughan. "It is really important for collectors
to think about their surroundings and whether they really want to
wear their most expensive pieces in places where they are hard to
protect."
Eight out of 10 respondents are collectors of fine art,
jewellery, watches, cars, wine and other valuables. More than six
in ten (62%) say they have a passion for what they collect, while
38% see it primarily as an investment.
Building wealth is now more challenging than ever before.
Half of the U.K.'s most affluent do not yet consider themselves
wealthy, and 72% say that affluence, upward mobility and prosperity
are out of reach for middle-income families. Survey respondents are
also working harder to keep their wealth: the majority (68%) are
working, and 39% say they would prefer never to retire.
What keeps successful people up at
night? Competitiveness of the U.K. economy was perceived
as the greatest risk to affluent individuals' wealth and lifestyle,
with over three quarters (77%) of respondents identifying this as a
top concern. Government spending, and conflicts between global
powers, were also issues that 35% of respondents said kept them up
at night.
The complete Chubb Wealth Survey report findings can be
found here.
Chubb Wealth Report Survey Methodology
Findings are based on a survey of 350 high net worth individuals
in the United Kingdom, conducted by iResearch Services in
September and October 2023
on behalf of Chubb Personal Risk Services. Respondents have a
net worth from £1 million upwards. Participants reside
predominately in London and
surrounding suburbs.
About Chubb
Chubb is a world leader in insurance. With operations in 54
countries and territories, Chubb provides commercial and personal
property and casualty insurance, personal accident and supplemental
health insurance, reinsurance and life insurance to a diverse group
of clients. As an underwriting company, we assess, assume and
manage risk with insight and discipline. We service and pay our
claims fairly and promptly. The company is also defined by its
extensive product and service offerings, broad distribution
capabilities, exceptional financial strength and local operations
globally. Parent company Chubb Limited is listed on the New York
Stock Exchange (NYSE: CB) and is a component of the S&P 500
index. Chubb maintains executive offices in Zurich, New
York, London, Paris and other locations, and employs
approximately 40,000 people worldwide. Additional information can
be found at: www.chubb.com.
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